BUSI 3250 Auburn Exam 3 Study Guide
1. marketing to millennials: 5 paradoxical trends: 1. amortality
2. shareconomy
3. cloaking
4. predictable consumer behavior
5. serendipity
2. amortality: anti-aging trends for millenials
3. shareconomy: also called shortcut society - MOOCs, uber, airbnb, renting your car to
someone else
4. cloaking: creation of private pages or closed groups on social media sites such as facebook,
desharing & unselfies
5. predictable consumer behavior: analyzing data to improve marketing
6. serendipity: enjoying surprised through coincidental discovers on social net- works though
surprise boxes of cosmetics & skin care products, monthly subscrip- tions for dog items, makeup
or clothes
7. environmental scanning: procedure in which the firm scans the world for changes in the
environmental forces that might affect it (broader than market screening)
ex: world threats & opportunities
8. market screening: modified version of environmental scanning in which the firm identifies
desirable markets by eliminating the less desirable ones
,9. country screening: screening that uses countries as the basis for market selec- tion (narrowing
down to a country or more)
10. segment screening: screening that uses market segments, a within-country analysis of groups
of consumers, as the basis for market selection
11. initial screening: basic needs potential: - influenced by climate, geography &
natural resources
- some needs easy to assess (industrial gods); others more difficult, especially when they are desires
(chocolate)
- data includes imports, local production
12. second screening: financial & economic forces: - trends in inflation, currency exchange,
interest rates, credit availability, paying habits, rates of return on similar investments
- market indicators include economic data used to measure relative market strength of countries or
geographic areas
- market factors include economic data that correlate highly with market demand for a product
- trend analysis
- cluster analysis
13. trend analysis: statistical technique used to estimate future values by succes- sive
observations of a variable at regular time intervals that suggest patterns (using past
information/data to predict the future)
14. cluster analysis: statistical technique that divides objects into groups based on similarity,
looking to group based on similar characteristics
, ex: automotive industry or can look at consumer clusters
15. third screening: political & legal forces: - barriers to entry such as import/ex- port tariffs
- limits on foreign ownership
- limits on repatriation of earnings
- stable government policies (which differ from government stability)
16. products that you do not need to adapt or change, but can still be success- ful abroad:
industrial & luxury products
17. what % of products be successful abroad without changing anything?: -
~10%
18. marketing mix: a set of strategy decisions made about the product & its pro- motion, pricing
& distribution in order to satisfy the needs & desires of customers in a target market
19. standardization: produces cost savings & consistent marketing (not as easy as it sounds)
20. corporate visual identity (CVI): includes a firm's name, logo, slogan, graphics, color &
typeface that help identify the firm to consumers & other interested con- stituents
21. total product: what the customer buys, including the physical product, brand name,
accessories, after-sales service, warranty, instructions for use, company image & package
(includes service)
22. components of the total product: all branch out from physical product:
- brand name
- accessories
- after-sales service
- warranty
- instructions for use
1. marketing to millennials: 5 paradoxical trends: 1. amortality
2. shareconomy
3. cloaking
4. predictable consumer behavior
5. serendipity
2. amortality: anti-aging trends for millenials
3. shareconomy: also called shortcut society - MOOCs, uber, airbnb, renting your car to
someone else
4. cloaking: creation of private pages or closed groups on social media sites such as facebook,
desharing & unselfies
5. predictable consumer behavior: analyzing data to improve marketing
6. serendipity: enjoying surprised through coincidental discovers on social net- works though
surprise boxes of cosmetics & skin care products, monthly subscrip- tions for dog items, makeup
or clothes
7. environmental scanning: procedure in which the firm scans the world for changes in the
environmental forces that might affect it (broader than market screening)
ex: world threats & opportunities
8. market screening: modified version of environmental scanning in which the firm identifies
desirable markets by eliminating the less desirable ones
,9. country screening: screening that uses countries as the basis for market selec- tion (narrowing
down to a country or more)
10. segment screening: screening that uses market segments, a within-country analysis of groups
of consumers, as the basis for market selection
11. initial screening: basic needs potential: - influenced by climate, geography &
natural resources
- some needs easy to assess (industrial gods); others more difficult, especially when they are desires
(chocolate)
- data includes imports, local production
12. second screening: financial & economic forces: - trends in inflation, currency exchange,
interest rates, credit availability, paying habits, rates of return on similar investments
- market indicators include economic data used to measure relative market strength of countries or
geographic areas
- market factors include economic data that correlate highly with market demand for a product
- trend analysis
- cluster analysis
13. trend analysis: statistical technique used to estimate future values by succes- sive
observations of a variable at regular time intervals that suggest patterns (using past
information/data to predict the future)
14. cluster analysis: statistical technique that divides objects into groups based on similarity,
looking to group based on similar characteristics
, ex: automotive industry or can look at consumer clusters
15. third screening: political & legal forces: - barriers to entry such as import/ex- port tariffs
- limits on foreign ownership
- limits on repatriation of earnings
- stable government policies (which differ from government stability)
16. products that you do not need to adapt or change, but can still be success- ful abroad:
industrial & luxury products
17. what % of products be successful abroad without changing anything?: -
~10%
18. marketing mix: a set of strategy decisions made about the product & its pro- motion, pricing
& distribution in order to satisfy the needs & desires of customers in a target market
19. standardization: produces cost savings & consistent marketing (not as easy as it sounds)
20. corporate visual identity (CVI): includes a firm's name, logo, slogan, graphics, color &
typeface that help identify the firm to consumers & other interested con- stituents
21. total product: what the customer buys, including the physical product, brand name,
accessories, after-sales service, warranty, instructions for use, company image & package
(includes service)
22. components of the total product: all branch out from physical product:
- brand name
- accessories
- after-sales service
- warranty
- instructions for use
